The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has arraigned a former Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria, FMBN, GIMBA KUMO YA’U, alongside two others over an alleged diversion of $65,000,000, meant for the development of 962 units of residential housing units in Kubwa District in Abuja.
YA’U was brought before Justice JAMES OMOTOSHO of the Federal High Court, Abuja, alongside BOLA OGUNSOLA, former Executive Director and TARRY RUFUS,Managing Director of T-Brend Fortunes Nigeria Limited.
The ICPC told the court in a charge sheet that the alleged offences of the defendants go against the Public Enterprises Regulatory Commission Act and Section 19 of the Money Laundering (Prevention and Prohibition) Act, 2022.
In a five-count charge, the anti-graft commission said the ex-bank CEO awarded the $65 million contract to Good Earth Power Nigeria Limited despite knowing that the company lacked the capacity to carry out the contract, adding that the project remains incomplete “as of today.”
The defendants, however, pleaded not guilty when the charges were read to them, while the judge adjourned the case until February 6, 2025, for the commencement of trial.
